Switzerland-based personnel services provider Adecco Group AG (Adecco) has acquired career transition services providers Penna PLC (Penna) and Knightsbridge Human Capital Management Inc. (Knightsbridge), and in doing so has become the market leader in outplacement services in the U.K. and Canada. Adecco has extended the maturity of its €600 million revolving credit facility (RCF) by one year to October 2020. We are revising our assessment of Adecco's liquidity position upward to exceptional, from strong. We are affirming our 'BBB+/A-2' long- and short-term corporate credit ratings on Adecco. The stable outlook reflects our expectation that Adecco will maintain stable operating performance in the near term, with slightly higher operating margins than previously. On June 17, 2016, S&P Global Ratings affirmed its
